Is MALEYAT a Scam?

At FXCanary, our safety evaluations are built on a forensic examination of three pillars: the substance of a broker’s regulatory licences, the practical experience of its customers as documented in real user reviews, and the structural safeguards – such as client fund segregation and compensation schemes – that stand between a trader and a total loss. Our Scam Risk Score distils these factors into a single, actionable number, from 0 (ultra-safe) to 100 (a near-certain scam). For Maleyat, that score is 45 out of 100, a grade we classify as 'Guarded'. This is not a verdict of outright fraud, but it is a bright yellow warning light: the broker operates under a single, limited-scope licence, has zero employees on record, and faces a swell of withdrawal-related grievances.

A score in the Guarded range means we have seen enough red flags to advise extreme caution. We are not yet convinced that Maleyat is a deliberate scam, but the evidence we have gathered – much of it from traders who have struggled to retrieve their own money – suggests that the broker’s operational practices fall well short of the standards expected of a well-regulated, client-centric firm. In this deep-dive, we unpack exactly what we found, so that you can decide whether your capital is safe with this Johannesburg-based entity.

Maleyat’s sole regulatory credential is a Financial Sector Conduct Authority (FSCA) licence in South Africa, bearing number 51598 and categorised as a 'Forex Trading Licence (EP)'. The FSCA is a respected gatekeeper, but its oversight of forex brokers is still maturing. Unlike, say, the UK’s Financial Conduct Authority (FCA) or the Australian Securities and Investments Commission (ASIC), the FSCA does not impose mandatory client fund insurance or a blanket negative balance protection rule on its licensees. For traders, this means that if Maleyat were to collapse, there is no statutory compensation pot to dip into – your funds would simply sit in whatever account the broker held them in, and you would join the line of unsecured creditors.

We cross-checked licence 51598 against the public FSCA register. The entry confirms that Maleyat group (PTY) LTD is authorised to provide 'intermediary services' in relation to forex derivatives, but the licence is narrow. It does not cover discretionary fund management or custody, and the broker’s own disclosure notes that it is 'licensed and regulated by the FSCA' – a phrase that, in this context, is somewhat misleading. A licence is not a guarantee of good behaviour; it simply means the broker has passed a basic entry bar. The real test is how the firm behaves once it has your money.

One of the most alarming findings in our review is what is missing. Regulated brokers in major jurisdictions are typically required to segregate client money from their own operational funds and, in many cases, to participate in an investor compensation scheme that reimburses traders up to a certain limit if the firm goes bust. Maleyat’s FSCA licence does not require either of these safeguards as a condition of authorisation. We found no mention of segregated accounts in the broker’s own legal disclosures, and there is no FSCA-backed compensation fund analogous to the UK’s Financial Services Compensation Scheme.

This regulatory gap is not unique to Maleyat, but it is a critical vulnerability for anyone trusting the broker with a large balance. If the company becomes insolvent, or if it were to misappropriate client funds, there is no safety net. South Africa’s ombudsman for financial services can mediate disputes, but its reach is limited and its processes slow. Traders who have tried to escalate complaints tell us they received little more than an acknowledgement. In this environment, the burden of protecting your own money falls squarely on you.

Across the 42 real-user reviews we examined, withdrawal issues are the most persistent and damaging complaint. Good withdrawals are the lifeblood of a trustworthy broker, and on this metric Maleyat fails repeatedly. We recorded seven withdrawal-specific grievances, and all of them are negative.

One trader recounted how a withdrawal request submitted on May 20 was not approved until June 20, with funds still not arriving days after that approval. Another described being strung along for five months after attempting to pull money out of an IPO investment that never delivered shares. A third warned bluntly: 'you will never be able to withdraw your money.'

These are not isolated gripes. They form a coherent narrative of obstruction. Traders report that relationship managers, who are ostensibly there to help, become suddenly evasive once a withdrawal is requested.

Some are pressured to invest more, while others are simply ignored. This behavioural pattern – warm and responsive during the deposit phase, cold and obstructive during the withdrawal phase – is a classic red flag in the forex industry. It casts doubt on the sustainability of Maleyat’s business model and raises the possibility that client funds are being used for purposes other than genuine trading.

The weight of negative sentiment extends beyond withdrawal logistics. Several reviewers explicitly label Maleyat a 'scam' and warn that the broker has changed its name from Maleyat to Naqdi – a move that, if true, is often associated with firms trying to shed a damaged reputation. One reviewer claims that positive five-star ratings are fabricated, calling them 'simply one of their scamers'. Another describes how a salesperson, identified by name, pressured them to deposit and then vanished. Aggregated industry data we reviewed shows no clone or impersonator sites, but the sheer volume of scam allegations – nine separate negative mentions – is impossible to ignore.

We also note the presence of reviews that talk about getting loans or mortgages, which is peculiar for a forex broker. This blurring of lines suggests that Maleyat may be using aggressive, multi-service marketing to entice people who are not sophisticated traders, perhaps into products they do not fully understand. The broker’s own description references account types with high leverage (up to 1:500), which is a dangerous tool in the hands of inexperienced users. Combined with the pressure to deposit more, this creates a high-risk cocktail.

Amid the gloom, there are some positive voices. Eleven reviews praise the customer support or the relationship managers, and six express satisfaction with the platform. A trader who says they have taken two profitable breaks with manager 'MR Nitin' speaks glowingly of the service.

Others describe expert advice and easy account setup. Yet when we look closer, a pattern emerges. Many of these reviews use language that feels scripted, generic, or overly effusive – 'the terms they helped me got for funding my business growth were amazing' rings oddly for a forex broker.

More tellingly, the positive reviews rarely mention the mechanics that matter most to an independent trader: spreads, execution speed, slippage, or the withdrawal process. They focus instead on the interpersonal relationship with a named staff member. This suggests that the broker may be cultivating a pseudo-advisory relationship that masks a transactional, high-pressure sales operation. In the absence of verified performance data, we treat these positive comments as heavily caveated. A relationship manager who is helpful until you try to withdraw is not a green flag – it is part of the trap.

If, after weighing all the evidence, you still wish to engage with Maleyat, you must take deliberate, documented steps to mitigate your risk. First, treat any deposit as money you can afford to lose entirely. The absence of segregation and compensation means recovery is unlikely if things go wrong. Second, before depositing, obtain written confirmation of the withdrawal procedure, including timeframes and any fees, and test the process with a small amount as soon as possible. A broker that resists a small test withdrawal will almost certainly resist a larger one.

Third, keep meticulous records: save all chat logs, emails, and platform screenshots; note the names of every representative you speak to; and if you are pressured to invest more, view it as a signal to walk away. Finally, familiarise yourself with the complaints process of the FSCA and the South African FAIS Ombud. While these avenues are imperfect, they offer more leverage than silence. You cannot rely on regulatory oversight to catch problems early – you must be your own first line of defence. At FXCanary, we believe that a broker with this many unresolved withdrawal complaints and a single, thin licence does not merit a place in a cautious trader’s portfolio.